Morning Bites

🏦 Global central banks purchased 21t of gold net in March, vs. the +24t in February, marking the 22nd consecutive month of reserve accumulation, the World Gold Council reports. The major contributors were Poland (+16t) and Kazakhstan (+11t). On the sellers' side were Uzbekistan and Singapore which sold 11t and 5t, respectively

At spot, gold continues to trade above what we see as its fundamentally reasonable level for 1H25 (~USD 2,500/oz); however, upside risks prevail for the precious metal’s price, given the steady inflows into global ETFs and central banks, as well as trade war uncertainties

#gold    
https://metals-wire.com/sector/Gold